The below article is meant for informational purposes regarding the probate process in Maine. Rockpoint Probate Funding DOES NOT provide funding services for estates based in Maine.
Maine probate laws can help ensure a will is valid when a loved one dies and leaves an estate. Decisions from the probate court also attempt to follow your loved one’s wishes for the distribution of the estate’s assets.
However, the probate process can end up being lengthy. Even simple cases may require several months to complete. The probate court must give potential creditors adequate time to file claims against the estate.
Why Maine Probate Takes So Long
The majority of Maine probate cases take at least six months to settle. The process can easily take a year or more if any complexities or extra steps are required. Reasons for prolonging the process include:
- Executors must follow precise steps to move the estate through Maine probate. They cannot cut corners or skip steps to save time.
- Creditors receive a four-month timeline to file a claim after receiving notice of the death, as discussed in Maine Statute 18-C § 3-801.
- Executors must publish a notice of the death in a local newspaper for two consecutive weeks before the creditor timeline can begin.
- Executors must take a full inventory of the estate’s assets, including estimating the value, which can take a long time for a large estate.
- If creditors make invalid claims, disputes over payments could require more time to settle.
- If potential heirs question the validity of the will or the distribution of the assets, such disputes can delay things even further.
- If the executor must sell assets to satisfy claims from creditors or to pay taxes, these actions can lengthen the Maine probate process.
- If not enough cash is available to pay the executor compensation, as specified in Maine Statute 18-C § 3-719, the executor may need to sell more assets. This can also extend the timeline.
When waiting for the estate to pass through Maine probate simply doesn’t fit your needs for the assets you will inherit, a cash advance is one option. Rockpoint Probate Funding offers this type of cash advance, and we can walk you through the pros and cons of making it work for you.
Ways To Avoid Maine Probate Court
Avoiding probate often requires your loved one to take estate planning steps ahead of time. If your loved one passes away without any of these planning processes in place, the estate will likely end up in Maine probate.
The easiest way to avoid probate is to create a revocable living trust. Maine Statute 18-B Chapter 6 discusses the legal aspects related to revocable trusts. Your loved one sets up the living trust and places all the estate’s assets into the trust.
At the time your loved one dies, the assets in the trust move to the beneficiary. The trust can specify when the assets will go to the beneficiary. Because the decedent doesn’t have assets in their name and all assets are in the trust, going through the Maine probate court is unnecessary.
The following are other options to avoid putting an estate in probate:
- Small estate: When the value of an estate is less than $40,000, Maine Statute 18-C § 3-1201 allows the estate to skip probate through a small estate affidavit.
- Transfer on death: Assets in the estate with a transfer on death designation would go directly to the beneficiary without requiring probate. Real estate sometimes has deeds that allow this, for example.
- Beneficiary: If the asset naturally has a designated beneficiary, which is common with retirement accounts, this asset would not need to go through probate. Life insurance policies often have these same designations.
Some estates may have certain assets that can skip probate and others that cannot.
What If My Loved One Didn’t Have a Will?
If your loved one died without having a will or any other estate planning documents in place, the estate must go into probate.
Because no will exists, the Maine probate court does not know about the decedent’s wishes for the distribution of the estate. In this circumstance, it must follow Maine’s intestate succession laws. These laws specify which relatives of the decedent will receive the assets and in which order they qualify to receive assets.
If you have a surviving spouse and children, they will be at the top of the list to receive assets from your estate under intestate succession. However, if you have step-children or a divorced spouse, this can complicate the division of your assets. The law spells out what should happen with dozens of different family-relationship possibilities.
In Maine, the surviving spouse and children receiving assets through intestate succession may obtain part of the assets ahead of creditors. This amount could be several thousand dollars that the family can protect from creditors.
Can You Gain Early Access to Your Inheritance With a Cash Advance From Rockpoint Probate Funding in Maine?
Unfortunately, Rockpoint Probate Funding is not able to provide funding in Maine at this time. However, we are able to serve estates in several other Northeast states.
To learn more about whether a cash advance on your inheritance is a good idea for your situation, call Rockpoint Probate Funding today for free at (888) 263-8588.
